Financial Performance Highlights

Revenue: ₹15,674 million for Q2 FY27, representing 30.0% year-on-year growth

Underlying Revenue Growth: 20.3% YoY (excluding inflation-led pricing impact)

EBITDA: ₹2,960 million for Q2 FY27, representing 17.6% year-on-year growth

Reported EBITDA Margin: 18.9%

Underlying EBITDA Margin: 20.4%

Profit After Tax (PAT): ₹1,101 million, representing 5.6% year-on-year growth

Return on Capital Employed (ROCE): 18.2%

This represents the company's 16th consecutive quarter of double-digit EBITDA growth.

Segment Performance

Beauty & Cosmetics: 42.9% year-on-year growth, overtook Oral Care to become largest category in September 2026

Oral Care: 19.2% year-on-year growth

Personal Care & Beyond: Now accounts for 55% of total portfolio (7 percentage point expansion over last two years)

Geographic Performance

All regions delivered strong double-digit revenue growth:

  • East Asia Pacific (EAP): 40.2% growth
  • Europe: 30.4% growth
  • AMESA: 28.0% growth (India grew at 30.5%)
  • Americas: 25.3% growth

Strategic & Operational Highlights

Sustainability: Sustainable tube formats contributed 41% of total sales year-to-date. Company maintains EcoVadis Platinum certification (top 1% globally among 150,000+ companies).

Recognition: Received awards at IFCA Star Awards 2026 and Print Week 2026. Operations across seven countries (India, Poland, Egypt, Philippines, Colombia, China, Brazil) certified as Great Place to Work® for FY25-26.

Merger Progress: Proposed merger with Indovida advanced significantly with:

  • Competition Commission of India (CCI) approval obtained
  • Stock exchange (BSE/NSE) observation letters dated October 19, 2026
  • Foreign anti-trust approvals across 10 jurisdictions
  • Application officially filed with NCLT Mumbai on October 23, 2026

The merger aims to create a $1 billion revenue entity with $2 billion valuation.

Outlook & Guidance

EPL retains its near-term guidance of revenue growth in the high-teens for the next few quarters while maintaining underlying EBITDA margin target at 20%. The company remains focused on strengthening market leadership in Beauty & Cosmetics, accelerating growth in emerging markets, driving capital efficiency, and expanding beyond tubes into broader consumer packaging platforms.

Company Background

EPL Limited is the world's leading speciality packaging company, producing over 9 billion tubes annually with presence across five continents. The company has 21 facilities across 11 countries, over 6,000 employees representing 23 nationalities, and serves over 1,200 customers. FY26 revenue was ₹47,631 million (13% YoY increase).